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First Asset Equal Weight Small-Cap Income Fund and First Asset Equal Weight REIT Income Fund Announce Completion of Merger

TORONTO, September 29, 2006 - First Asset Equal Weight Small-Cap Income Fund (TSX: FAS.UN) (the "Small-Cap Fund") and First Asset Equal Weight REIT Income Fund (TSX: RIT.UN) (the "REIT Fund") announce the completion of the merger of the Small-Cap Fund into the REIT Fund. The Small-Cap Fund's portfolio securities were converted into cash and transferred to the REIT Fund in exchange for units.

For further information, please call Rob MacNiven, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289 or visit www.firstassetfunds.com.